The world is an ever-changing place. As social trends change, so do travel trends. As society’s values change, so do spending behaviors.
Trends show that the millennial generation, in comparison to the generations before them, is placing increasing value on travel expenses to destinations like Bali over building up material assets.
The Founder and CEO of the holiday home rental company Hireavilla & Manzil, Sagaar Panchal, has revealed why millennials are placing increasing value on experiences and travel over shopping.
This shift in mindset is having a huge impact on the travel and tourism industry, alongside the impacts of the shift towards more remote working models.
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Dreaming Big On Social Media
It is not hard to see how millennial travelers have been inspired to explore destinations like Bali. The rise in travel influencers over the last decade has ensured that dreamy landscapes of destinations like Bali are splashed across everyone’s social media feeds.
Tourists want to travel to Instagrammable destinations, and Bali is full of them! From the breathtaking clifftops of Nusa Penida to stunning rice terraces that surround Ubud, there are photo opportunities and travel memories to be made around every corner in Bali.
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The rise of social media and independent travel blogging has also made information about travel ever more accessible.
With all the tips, tricks, and travel advice explorers need to feel confident about booking a trip available at their fingertips, the positive example set by travel content creators is giving millennial travelers the boost they need.
In Bali, tourism businesses and even the local government have partnered with influencers and travel content creators to create stunning visual media that encourages travelers to choose experiences over things.
In a world where a designer handbag could cost the same amount as a 10-day trip to Bali, for many people, it’s not a hard financial decision to make. Where does the greatest value lie?
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Access Not Ownership
Panchal notes that millennials are more keen to have access to experiences, like staying in luxury villas in Bali, over investing in high-cost ownership of assets like property.
Online platforms are making it easier than ever for millennials to access high-end travel experiences without the rigmarole or risk of poverty ownership or business management.
Climate Change and Social Responsibility
As a generation, millennials are more conscientious consumers, keen to ensure that where they spend their hard-earned money reflects their values in regard to the environment and wider communities.
Conscious consumerism and the shift towards more sustainable living are increasingly important to the millennial generation.
As such, the idea of spending money traveling to an eco-resort or having a once-in-a-lifetime adventure in Bali is becoming ever more appealing rather than keeping up with the daily cycle of fast fashion, for example.
Live, Work, Play
In light of the pandemic, many millennials have reassessed their relationship with work. Many people want to continue to work remotely and ensure that they have a better work-life balance.
This is where Bali as a destination really comes into its own.
Tourism officials in Indonesia are working hard to promote Bali as a destination for digital nomads and high-earning remote workers, especially those who work in the tech space.
Indonesia has even created a digital nomad visa that allows remote workers to stay in destinations like Bali tax-free for up to 6 months at a time.
This allows millennials to live, work and play in a way that reflects their drive to prioritize experiences and meaningful connections over material wealth.
Digital nomads in Bali can rent a luxury villa for a fraction of the costs in North America, Europe, or Australia while having access to incredible networks of international communities, amazing leisure activities, and an overall affordable cost of living.
In fact, Indonesia is about to make it even easier for millennials to move to Bali to live out their dreams of living for experiences rather than the grind.
This month Indonesia’s Minister for Tourism and Creative Economies announced that the country will soon launch a new Golden Visa.
The visa is rumored to be a residency-by-investment style permit that will help attract more high-earning remote workers, entrepreneurs, and business developers to the island of Bali.
The Ministry for Tourism and Department of Immigration will be announcing more details about the Golden Visa soon.
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